Teva announces $1 billion debt refinancing

Teva said its finance division, Teva Pharmaceutical Finance IV, had called for redemption of its $1 billion outstanding principal amount of 1.700% senior notes due 2014, funded with proceeds from the company's offering of $2 billion principal amount of senior notes, priced on Dec. 13, 2012, and closed Tuesday.

The redemption date will be Jan. 7, 2013.

The company also announced that it entered into a new, five-year $3 billion unsecured revolving credit facility, replacing its existing $2.5 billion credit facility.

"By signing this new revolving credit facility, with its increased size and extended term, we took another step on our recently announced new strategy and secured ample liquidity to support Teva's future growth," Teva chief financial officer and EVP Eyal Desheh said. "We were very pleased to see the significant oversubscription, demonstrating the strong desire from our relationship banks, as well as from additional new banks, to commit to this new facility."